Tag Archives: EIOPA

Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit

Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]

EIOPA publishes editable IPID template

EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more informed decision. FCA has proposed  for the IPID requirement to only apply to retail customers rather than commercial customers. The […]

EIOPA publishes Opinion on monetary incentives and remuneration between asset managers and insurers

EIOPA has published an Opinion, addressed to national competent authorities (NCAs), which focuses on consumer protection issues related to monetary incentives and remuneration between providers of asset management services and insurance undertakings. While not an issue in all member states, EIOPA has found that unmitigated conflicts of interest and the management of unit-linked policies by insurers […]

EIOPA speaks on insurance and pensions

The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer. The speech covered the following four themes that cross over EIOPA’s main strategic priorities: Maintaining sound regulation in an evolving landscape – this included a discussion on […]

EIOPA delivers first set of advice to the European Commission on Solvency 2 Delegated Regulation

The European Commission requested EIOPA to provide technical advice as part of its review of the Solvency Capital Requirement. Following a public consultation, EIOPA has provided advice on the following areas: Simplified calculations; Reducing reliance on external credit ratings; Exposures guaranteed and exposures to regional governments and local authorities; Risk-mitigation techniques; Undertaking specific parameters; Look-through […]

EIOPA publishes guidelines for “execution-only” sales of IBIPs under IDD

Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]

EIOPA speaks on future disruption to the insurance industry

Dr. Manuela Zweimüller, Head of Policy Department at EIOPA, has delivered a speech on what will the future hold? The European insurance industry in times of major disruption. The speech highlights challenges in respect of InsurTech, Brexit and Regulatory stability. EIOPA considers that the insurance industry needs to reinvent itself in respect of InsurTech and […]

EIOPA work programme for 2018

EIOPA has published its Single Programming Document for 2018, highlighting and specifying the activities and tasks for the coming year, within the framework of a multi-annual work programme 2017-2019. EIOPA comments that outcomes of the Brexit negotiations and of the review into the ESAs is still uncertain and has not factored them into its SPD. […]

European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to […]

EC publishes draft Delegated Regulation on insurance-based investement product requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products. The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of insurance-based investment products. The Delegated Regulation, which is based on previous technical advice […]